HotForex - Analytics


    503.00 8.50/10
    73% of positive reviews

    EURUSD attempts to rally from support


    EURAUD, 60 min

    US Employment for April is out later and should reveal a 210k (median 208k) headline for the month following larger increases of 215k in March and 245k in February. Initial claims improved dramatically during April which could help lift the headline but consumer confidence measures and ADP were subdued.

    Two days ago while EURUSD was still trading at 1.1490 I wrote that “the 1.1532 to 1.1570 should be a challenge for the bulls and this Sell Area has potential to turn the pair down again. We will follow the price action to see if market supplies us with sell signals. Should this happen my target one is at 1.1480 and target two at 1.1410.”

    The pair rallied almost to my sell area but turned lower 4 pips below it. Market then moved down to hit both of the targets and is now reacting higher from a support created by the April 20th and 21st highs.

    After moving considerably lower in last three days it seems that EURUSD is now likely to retrace some of the move which might provide us with entries on the short side after a rally. In the event that the rally I’m anticipating takes price all the way up to my sell aera I will be looking for sell signals between 1.1453 and 1.1474 with T1 at 1.1409 – 1.1425 bracket and T2 at 1.1360 – 1.1377 range.

    Remember to manage the risks adequately and avoid highly geared positions when the US Non-Farm Payrolls are published. If you don’t know how to manage your risks professionally we recommend you attend our educational and interactive webinars.


    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:


    Janne Muta

    Chief Market Analyst


    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree